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"China will enable us to export this expertise globally," Jones said. "Deepening our trade and investment links will help create a UK economy fit for the future by generating new jobs and modern skills across the country."

"Consumers are becoming more selective about the products they purchase, and tend to buy products that have more practical uses," said Emily Cheng, general manager of Honeywell Connected Living Solutions China.

"China's determination to reform and open up has given us confidence in expanding our business in China," said Duan.

"Chinese companies are very active in developing AI technology and application. They have achieved phenomenal progress in a very short span of time. Their contribution to AI will be tremendous," he said.

"Chips and software are closely bounded. That is particularly true in AI, as chips powering an application must be specifically designed. China's booming software market and large user base will allow homegrown companies to update chip design quickly based on user experience," said Roger Sheng, research director at consultancy Gartner Inc.